Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,889/mo
+$58/mo- Down payment
- $36,887
- Funds due
- $49,365
- Interest + MI left
- $610,154
- First ends
- Aug 2053
New loan
New conventional
$3,831/mo
Lowest payment- Down payment
- $54,990
- Funds due
- $65,129
- Interest + MI left
- $750,564
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $513,013 | $494,910 |
| Second mortgage | — | — |
| First P&I | $3,338.83 | $3,426.66 |
| Second P&I | — | — |
| Mortgage insurance | $244.91 | $98.98 |
| Taxes, insurance & HOA | $304.92 | $304.92 |
| Total housing payment | $3,888.65 | $3,830.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,887
Closing costs & prepaids$12,479
Usable credit−$0
Total buyer cash needed$49,365
Earnest money paid−$0
Remaining funds due$49,365
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$414.75
Prepaid interest, first (1 days)$89.81
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 9 moOf the original 30-year loan at 6.390%
Interest already paid$108,888Through Nov 2026
Assumption only · ends Aug 2053$610,154
New conventional · ends Dec 2056$750,564